US Midwest business slumps again in Feb-Chicago PMI

NEW YORK, Feb 28 (Reuters) - Business activity in the U.S. Midwest slumped again in February, continuing a contraction begun in January, a report showed on Wednesday.

The National Association of Purchasing Management-Chicago said its business barometer slid to 47.9 from 48.8 in January. Economists surveyed by Reuters had forecast the index would come in at 50.0. The 64 estimates ranged from 47.5 to 52.0.

A reading below 50 indicates contraction. The index had been above that mark since mid-2003 until January's fall.

In February, the employment component of the index rose to 50.6 from 42.8 in January. Prices paid rose to 63.2 from 54.9 and new orders increased slightly to 48.7 from 46.3.